Bearish Tesla dips below key support at $159.35 but bounces back $2.48 later in the session

• Nearest support line of $159.35 is only $2.48 away
• Tesla looks below $160.29 (5 day Simple Moving Average) as signpost for new negative trend

Though in the midst of a 4 day uptrend, gaining a total of 5.26%, ($10.56), Today's session suggests run might be coming to an end — an influx of sellers pushed Elon Musk's EV company to end the session lower around $161.83, while establishing a $158.83 to $163.27 session range today.

On a negative trend for around a month. Tesla hit a significant low of $108.1 around 3 months ago, but has since recovered 52%.

Tesla made an initial break below its 5 day Simple Moving Average at $160.29, a possible indication of a forthcoming negative trend. 'Bearish Harami' is a candlestick chart indicator used for detecting reversals within a prevailing bull trend. It is generally indicated by a small price decrease that's contained within a broader upward price movement and is commonly associated with a bullish trend coming to an end. Despite this, although Tesla is down today and was as low as $158.83, it seems to be recovering slightly and climbing away from the $159.35 support line and is now $2.48 above it.

Several technical indicators are adding weight to the bearish momentum seen today and forecasting Tesla to extend its recent losses.

Fundamental indicators – United States ISM Manufacturing PMI (Apr) came out at 47.1, while a consensus of analysts was expecting 46.8.

Tesla was not the only decliner in the consumer discretionary sector; Amazon lost 3.22% today and closed at $102.05.

On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as McDonald's gained 0.62%, as it traded at $297.58. Nike traded at $127.92 after closing today's trading day at $126.72 (up 0.95%).

Upcoming fundamentals: United States JOLTs Job Openings (Mar) will be released tomorrow at 14:00 UTC.